Sinai Cement reported a strong financial performance in the first half (H1) of 2024, swinging to consolidated net profits of EGP 651.36 million, a significant turnaround from the net losses of EGP 79.72 million recorded in H1-23.
This positive shift was supported by a rise in net sales, which grew to EGP 2.68 billion in January-June 2024, up from EGP 2.36 billion in the same period last year, according to the company’s financial statements.
The earnings per share (EPS) also saw a substantial improvement, reaching EGP 4.89 in H1-24, compared to a loss per share of EGP 0.60 in H1-23.
Non-Consolidated Results:
On a standalone basis, Sinai Cement turned profitable with net profits of EGP 658.62 million in the first six months of 2024, a marked recovery from the standalone net losses of EGP 72.79 million in the same period last year.
However, net sales for the standalone segment decreased year-on-year (YoY) to EGP 1.51 billion in H1-24, down from EGP 2.36 billion.
In the first quarter of 2024, ending 31 March, Sinai Cement recorded consolidated net profits of EGP 301.11 million.